Dermatology Devices Market Size By Product (Diagnostic Devices {Imaging Devices, Dermatoscopes, Biopsy Devices}, Treatment Devices {Light Therapy Devices (LED Therapy), Lasers, Microdermabrasion Devices, Cryotherapy Devices, Electrosurgical Equipment, Lip

Dermatology Devices Market Size By Product (Diagnostic Devices {Imaging Devices, Dermatoscopes, Biopsy Devices}, Treatment Devices {Light Therapy Devices (LED Therapy), Lasers, Microdermabrasion Devices, Cryotherapy Devices, Electrosurgical Equipment, Liposuction Devices]}, By Application (Skin Cancer, Skin Rejuvenation, Hair Removal, Body Contouring and Skin Tightening, Psoriasis), By End-use (Dermatology Centers, Hospitals, Clinics), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Dermatology Devices Market is anticipated to showcase growth through 2032, owing to the rising prevalence of skin disorders. Increasing spending on skin care treatments and high disposable incomes would strengthen the market outlook in the coming years. Dermatology devices are useful in treating sun-damaged skin, acne effects, premature aging, and eliminating visible veins and capillaries. In addition, tech innovations in dermatology devices that can offer enhanced skin care will amplify the adoption of these devices.

The key providers in the smart medical devices industry are engaging in partnerships, mergers, and acquisitions, raising funds, and launching new products to stay competitive in the overall marketplace. To cite an instance, in May 2022, Cynosure, LLC, announced a new investment of $60 million from lead investor Clayton, Dubilier & Rice. The firm seeks to use this fund to support its plans to bring innovation to the market.

Overall, the dermatology devices market is segmented in terms of product, application, end-use, and region.

Considering the product, the diagnostic devices segment will register notable gains through 2032 owing to the easy availability of superior-quality dermatology diagnostic devices. Imaging devices, dermatoscopes, and biopsy devices are some of the most frequently used devices in the industry. Besides, diagnostic devices offer better care for patients and better outcomes in a cost-effective manner. In addition, they also offer other benefits, such as access to centralized data and competitive advantage via the use of the data.

Based on application, the skin cancer segment held over 26.5% market share in 2022. The increasing prevalence of skin cancer due to exposure to UV rays would prompt the product demand in the ensuing years. According to credible reports, skin cancer is one of the most widespread cancers, of which melanoma accounts for only 1% of all skin cancers but results in different skin cancer related deaths.

By end-use, the hospitals segment accounted for over USD 3.1 billion in 2022. High adoption of advanced technologies, availability of skilled healthcare professionals, and the capabilities of hospitals to purchase high-cost devices will play a key role in driving the dermatology devices market growth across hospitals.

Regionally, the North America dermatology devices market exhibited over 34% CAGR in 2022. The regional market growth can be attributed to the increasing adoption of dermatology diagnostic and treatment devices equipped with advanced technology. Also, some of the leading market players are constantly investing in R&D and increasing their focus on launching novel products, which will bolster the North America dermatology device market growth.